Ensuring that your brand image and reputation are well-received by the customers is a critical part of everyday trading. Much of a business's value can depend on its corporate brand and how it is perceived.
Every business needs a strategy to manage its corporate reputation. This might be through a combination of managing social media presence, the content the business publishes, SEO (search engine optimisation), public relations, online presence, customer feedback / ratings and reputation marketing.
What is Corporate Reputation?
A reputation is defined based on how people think and feel about your business, their experiences with your service, and what kind of facts they have gathered.
Corporate reputation often involves how consumers perceive your brand, which will influence whether they choose to do business with your company.
Building up a strong reputation by offering great customer service, a clear brand identity, and listening to feedback is vital in helping your business grow. Many businesses allocate substantial sums and have dedicated teams to manage their market reputation.
In order to protect the brand, there are times when faced with threats to their reputation, legal recourse is the only course of action. Maybe another business using a similar trademark or adverse comments on social media that are unfounded and malicious.
Why is Reputation Important in a business?
Managing reputation is crucial for a business, as it can directly impact business trading.
It is proven that customers will more readily trade with brands that are respected and other customers publicly state they have had good experiences with. Negative viewpoints are quickly addressed, not quietly swept under the carpet.
Digital services have increased the potency of both good and bad reviews - the new word of mouth. The speed has quickened and coverage has become much wider, often globally.
This means that reputational management is key to a business, regardless of size. Factors that affect a company’s reputation might include:
● the company website: published articles such as blogs
● social media and other online channels
● service/product rating platforms such as Trustpilot and Feefo
● general news through public relations and events
What is Corporate Reputation Management?
Corporate reputation management is a way of optimising and managing your company’s brand, ensuring the business has a positive reputation with its clientele and other stakeholders, such as investors.
It is important for businesses to practise effective business reputation management in order to encourage the growth of the business and brand in a positive way.
Why do you need Corporate Reputation Management?
In a national or international trading environment, there are examples of reputation management not being given due consideration and priority. Businesses can quickly lose ground and in some cases, can be unable to recover their previous position.
It’s important for businesses to monitor and manage their reputation (especially their online reputation) in order to build a reputable brand and maintain a positive reputation.
Place emphasis on reputational management at an early stage, such as registering a trademark, can limit potential reputation headlines in the future.
How to manage Corporate Reputation
An organisation can manage its reputation effectively using well thought out strategies across traditional and digital channels, including; social media, public relations, service ratings, corporate communication and corporate social responsibility activity.
Reputational risk management is very important. A company’s reputation can also be maintained and managed through aspects like addressing negative content and investigating any false information that may be attached to the business’s reputation.
You can get legal assistance from LawBite
At LawBite, our lawyers can provide excellent legal advice for companies looking to manage their reputation with their stakeholders. We will connect you to top-flight lawyers on our platform who can give expert advice regarding your business to handle your company reputation, for instance registering trademarks and designs.
We use online tools and advanced technology to give your SME the legal advice you require, faster and cheaper.
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